business studies 0.0 / 5 ? Business StudiesBusiness PlansASAQA Created by: minimoyismCreated on: 09-03-16 12:38 Objectives Medium-long term goals or targets that must be achieved in order to realize the stated aims of an organisation or department. 1 of 20 Corporate Objectives The goals or targets of the whole organisation, usually based on its mission or aims 2 of 20 Functional Objectives The goals or targets of each of the functional areas of a business, usually based on its corporate objectives 3 of 20 Strategy The medium to long term plans through which an organisation aims to attain its objectives 4 of 20 Financial Aims The broad, general goals of the finance and accounting department 5 of 20 Financial Objectives The specific, focused targets of the finance and accounting department 6 of 20 Financial Strategies Long term or medium term plans, devised at senior management level, and are designed to achieve the firm's financial objectives 7 of 20 Financial Tactics Short term financial measures adopted to meet the needs of a short term threat or opportunity 8 of 20 Balance Sheet A document describing the financial position of a company at a particular point in time 9 of 20 Income Statement An account showing the income and expenditure of a firm over a period of time 10 of 20 Assets Items that are owned by an organisation 11 of 20 Non-Current Assets Resources that can be used repeatedly in the production process, although they do wear out or lose value 12 of 20 Tangible Assets Non-current (fixed)assets that exist physically 13 of 20 Liabilities Debts owned by an organisation to suppliers, shareholders, investors or customers who have paid in advance 14 of 20 Total Equity Funds provided by shareholders to set up the business, fund expansion and purchase fixed assets 15 of 20 Revenue Expenditure Spending on day to day items such as raw materials, stock (inventories), wages and power 16 of 20 Depreciation The fall in value of an asset over time 17 of 20 Gross Profit Revenue minus cost of sales. Shows how efficiently a business is converting its raw materials or stock into finished products 18 of 20 Operating Profit The revenue earned from everyday trading activities minus the costs involved in carrying out those activities 19 of 20 Profit Utilisation The way in which a business uses its profit or surplus 20 of 20
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